Congress, White House Reach Agreement On Latest Coronavirus Bill

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Congress and the White House reached an agreement Tuesday on the latest coronavirus bill aiming to help people and businesses across the country.

The legislation includes roughly $470 billion in relief funds — $310 billion will go to the Paycheck Protection Program (PPP), which White House officials told the Daily Caller will feature $60 billion carved out for institutions with less than $50 billion in total assets.

Of that group, $30 billion is reserved for companies with less than $10 billion in assets, while the remaining $30 billion will be attributed to companies with assets ranging between $10-50 billion. Furthermore, the $60 billion reserved for the Economic Injury Disaster Loan program (EIDL) will be split into loans ($50 billion) and grants ($10 billion).

Additionally, the bill includes $75 billion in relief for hospitals and $25 billion for more testing. Before the agreement was announced, President Donald Trump sent out a tweet with his approval of the bill, urging Congress to pass it.

House Speaker Nancy Pelosi (D-CA) speaks during a news conference with Senate Minority Leader Chuck Schumer (D-NY) following an announced end to the partial government shutdown at the U.S. Capitol January 25, 2019 in Washington, DC. (Photo by Zach Gibson/Getty Images)

The Senate passed the $2 trillion emergency relief package March 25 to address the coronavirus pandemic after debate from both parties. That package passed the Senate 96-0. (RELATED: Senate Finally Passes $2 Trillion Coronavirus Emergency Relief Package)

The latest legislation will have to pass both chambers before going to Trump’s desk for a signature.